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URL: cbs.marketwatch.com
Corning sees better-than-expected Q3
By Allen Wan, CBS.MarketWatch.com
Last Update: 10:41 PM ET Oct 11, 2000
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CORNING, N.Y. (CBS.MW) -- The earnings warning bug isn't going to
catch fiber-optics maker Corning, which announced Wednesday evening
that it expects earnings per share of 34 to 35 cents in the third quarter, or
up to 17 percent above analysts' estimates.
First Call pegs 30 cents a share for Corning in the third quarter.
Corning also expects its
fourth-quarter to be strong and
is raising its earnings target to
$1.15 to $1.17 for the full
fiscal year.
The company will release its
third-quarter results on
Monday, October 23.
Corning (GLW: news, msgs) attributed the better-than-expected results to
continued strong demand for its optical fiber and cable, photonic modules
and components and flat panel display glass products.
"We continue to experience very strong demand for fiber and cable, and
revenues from photonics technologies continue to run at a rate double that
of last year," Roger G. Ackerman, chairman and chief executive officer,
said in a statement.
"We are seeing no slowdown in demand for our products that are fueling
the dynamic growth of the optical-networking revolution."
Ahead of the announcement, Corning's shares fell $1.88, or 2.21 percent,
to $83.13. |
